Thomas Spencer (businessman)
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|Occupation||Retail businessman and company co-founder|
|Known for||Co-founder of retail company, Marks & Spencer|
Agnes Spencer Whitfield
(m. 1892; his death 1905)
Thomas Spencer (1852 – 25 July 1905) was an English businessman, known for being the co-founder of Marks & Spencer, a major British retailer.
Spencer was a cashier from the wholesale company I.J Dewhirst and in 1884 he joined Michael Marks to form Marks & Spencer. Spencer decided that the £300 required for a half-share in the business would be a good investment.
The running of the business was split between Spencer, who managed the office and warehouse, and Marks, who continued to run the market stalls. Spencer had developed some important contacts while working for Isaac Dewhirst and these allowed him to get the best prices for goods by dealing directly with the manufacturers. Together, Spencer and Marks were able to open stores in Manchester, Birmingham, Liverpool, Middlesbrough, Sheffield, Bristol, Hull, Sunderland and Cardiff.
A new warehouse in Manchester was built in 1897. This store became the centre of a business empire that by then included thirty-six branches. New stores had been built in Bradford, Leicester, Northampton, Preston, and Swansea. London had a total of seven branches.
In 1903, Marks & Spencer became a limited company. Spencer's original £300 investment had grown to a value of £15,000 and he retired later that year.
Spencer met and married Agnes Spencer Whitfield at St Saviour, Cross Green, Leeds in 1892. Whitfield was born in the village of Marton, now a part of Middlesbrough. Together they had a son named Thomas Spencer Jr..
Spencer died in July 1905, in Whittington, Staffordshire. His wife continued to fund charitable work such as the Church of St Agnes in Easterside, Middlesbrough, after his death, and died in 1959, now buried in the graveyard of St Cuthbert's Parish Church in Marton.
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